Innagreen, the global renewable energy investment platform, and Cowessess First Nation announce today (Nov 19) the opening of Bekevar Wind Farm. Located in Saskatchewan, Bekevar will supply 200MW of zero-emission power, providing the equivalent of 100,000 homes with clean, sustainable electricity each year.
The project is jointly owned by Innagreen and Cowessess First Nation, who owned 83 % and 17 % respectively. Bekevar is situated in the rural municipalities of Hazlewood, Kingsley, and on Cowessess First Nation reserve land. Developed by RES, the project is an example of how commercial energy companies and local communities can work together to achieve decarbonisation in Canada and deliver local economic investment.
The project, featuring 36 Nordex N155/5.X turbines, will provide Cowessess First Nation with a significant annual return, enabling them to support the continued investment in economic opportunities and help fund essential community programs.
Construction started in May 2023 following a multi-party innovative financial package to secure equity and debt financing with a $173 million loan from the Canada Infrastructure Bank (CIB), a $50 million contribution from Natural Resources Canada, through its Smart Renewables and Electrification Pathways program, and $98 million in debt financing from Nord/LB. Electricity generated at Bekevar will be purchased by SaskPower through a 25-year power purchase agreement.
The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources said: "The Bekevar wind project is a great example of the type of projects we need to meet Canada's growing need for more electricity and build a thriving economy. It's creating good energy jobs in Saskatchewan, opportunity for First Nations people, and powering the equivalent to 100,000 homes in the province. A clean electricity grid underpins a strong economy in the 21st century, and the federal government's $50 million investment in the Bekevar wind project is money well spent."
Chief Erica Beaudin of Cowessess First Nation said: "We are excited to a part of this important initiative and to see it come to completion. As Indigenous people, we feel it is our duty to not only invest in clean energy, but to place ourselves front and centre as leaders in clean energy. Yotin ("wind" in Cree) plays an important role in our cultural ways of being and firmly believe this mighty spirit has many more teachings and blessings to bestow upon us all."
CEO of Innagreen, Olly Alexander, said: "The completion of Bekevar exemplifies the strength of partnerships and innovating financing in driving Canada's energy future. We are proud to work alongside Cowessess First Nation and RES to realise this important project, that will deliver tangible benefits locally for Cowessess First Nation members. Bekevar is our second project in Canada, and we remain focused on developing long-term partnerships that bring forward high quality projects for our investors."
CEO of RES in the Americas, André Canguçú, said: "With our hands-on work through the development and construction phases of the project, RES has a vested interested in its long-term success. As an industry-leading service provider, we are committed to providing exceptional O&M and asset management services to owners Innagreen and Cowessess First Nation while continuously delivering reliable, clean and cost-effective energy to the Saskatchewan grid and the utility customers it serves."
SaskPower President & CEO, Rupen Pandya, said: "SaskPower is committed to achieving a net-zero greenhouse gas (GHG) emissions power system and is on track to do so by 2050 or earlier. Bekevar, which is Saskatchewan's largest-ever renewable energy facility with Indigenous ownership, marks another important step toward that ambitious goal."
Global Head of Energy at Morrison, Vimal Vallabh, said : "The completion of the Bekevar project marks another significant milestone in the growth of Morrison's international renewables footprint, further expanding our geographical coverage in Canada. The project is a great example of the environmental and community benefits that can be achieved through strong and enduring partnerships, a core feature of our long-term success in the sector."
NORD/LB Senior Director, Alan Harling, said: "At NORD/LB, we're committed to financing leading renewable energy projects that drive forward the global net-zero transition. The Bekevar Wind Farm is a prime example of this, and we're excited to work with Innagreen and Cowessess First Nation on an important project that will supply thousands of Canadian households with clean, sustainable electricity."
COO of North America for Nordex, John McComas, said: "We are honored to have partnered with Innagreen on providing 36 N155/5.X Cold Climate Wind Turbines to the Bekevar Wind Farm Project which highlights our shared dedication to a sustainable future and Canada's electrical transformation. This achievement not only reflects the close working relationship we've built with Innagreen but also demonstrates a long-term commitment to delivering positive outcomes for the community"
Innagreen provides institutional investors with access to investments in utility-scale renewable energy projects. Innagreen's first two projects in Canada, Hilda and Bekevar, were funded by the global infrastructure asset manager, Morrison through open-ended global infrastructure fund, The Morrison & Co Infrastructure Partnership. Innagreen plans to raise a further $500m of capital to deploy in utility scale solar, wind and energy storage projects around the world, bringing a c.1GW portfolio of projects to market in early 2025.
